Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cashi $ 10,200 Cash dividends 15,200 Consulting revenue 3,550 Rent expense Salaries expense Accounts receivable Office supplies office equipment 18,310 Land 45,990 Telephone expense Accounts payable. 8,740 Miscellaneous expenses Common stock 84,310 $ 2,340 15,200 3,910 7,350 790 610 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions